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Accounts - Principles of Accounts Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
2506
What is the effect of transaction when cash is paid into the bank
  • A. Bank balance decrease and cash balance increase
  • B. bank balance decrease and cash balance decrease
  • C. cash balance increase and bank balance increase
  • D. cash balance decrease and bank balance increase
View Answer & Discuss JAMB 2017
2507
The principle of double entry developed from the axioms of accounting equation is given as
  • A. Assets + Liability = Equity
  • B. Assets + Equity = Liabilities
  • C. Liabilities + Equity = Asset
  • D. Liabilities + Equity = Net assets
View Answer & Discuss JAMB 2017
2508
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Stock Jan 1} & 2000 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500\end{array}\)

Carriage outwards
  • A. ₦9,000
  • B. ₦2,500
  • C. ₦3,000
  • D. ₦1,500
View Answer & Discuss (1) JAMB 2017
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2509
The correct expression of accounting equation is
  • A. Assets = Liabilities + Equity
  • B. Net assets = Liabilities + Equity
  • C. Assets + Liabilities = Equity
  • D. Assets = Equity - liabilities
View Answer & Discuss JAMB 2017
2510
Subscription in advance is treated in the balance sheet as a
  • A. current asset
  • B. current liability
  • C. fixed asset
  • D. long term liability
View Answer & Discuss JAMB 2017
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts